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The recent release of electoral bonds data by the State Bank of India (SBI) has uncovered a fascinating array of donors, shedding light on the financial backing behind political parties. Published on the Election Commission of India’s website following a directive from the Supreme Court, the disclosed information showcases the top 10 donors, spanning diverse industries from lottery to telecommunications.
At the forefront of this list stands Future Gaming and Hotel Services, a lottery company, which has emerged as the largest donor, contributing a staggering Rs 1,368 crore-worth of electoral bonds between April 12, 2019, and January 24, 2024. Following closely is Telangana-based industrial giant Megha Engineering and Infrastructures Ltd., securing the second position with electoral bond purchases amounting to Rs 966 crore during the specified period.
The Genesis of Megha Engineering:
Established in 1989 by PP Reddy, hailing from an agrarian background, Megha Engineering embarked on its journey in the manufacturing sector, primarily producing pipes for municipal purposes. However, under the leadership of PP Reddy’s nephew, PV Krishna Reddy, who assumed control in 1991, the company underwent exponential growth, diversifying into various sectors over the ensuing three decades.
Renowned for its involvement in significant projects within Telangana, including the prestigious Kaleswaram Lift Irrigation Scheme, Megha Engineering has established itself as a prominent player in the industrial landscape. Noteworthy endeavors such as the Zojila tunnel and the Polavaram dam further underscore the company’s multifaceted portfolio.
Scrutiny and Electoral Bond Purchases:
Despite its achievements, Megha Engineering found itself under scrutiny in October 2019 when the Income Tax department conducted raids on its premises, subsequently prompting an investigation by the Enforcement Directorate. Despite these challenges, the company continued its electoral bond purchases, amounting to substantial sums.
Notably, the Indian government declined a $1 billion investment proposal from Chinese electric car manufacturer BYD and its Hyderabad-based collaborator MEIL for establishing an electric vehicle manufacturing plant, adding an intriguing layer to Megha Engineering’s narrative.
PV Krishna Reddy:
PV Krishna Reddy, born in January 1950 in a small village in Andhra Pradesh, holds a Bachelor’s degree in Commerce from Andhra University and a Master’s degree from Madras University. Alongside PP Reddy, he ranks among India’s wealthiest individuals, boasting a combined net worth exceeding $4 billion, as per Forbes’ ‘India’s 100 richest’ list for 2023.
The unveiling of electoral bond data not only provides transparency but also offers insights into the intricate interplay between business, politics, and governance in India.
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